Big tech, Walmart and Jackson Hole: 3 Things

The big tech selloff rattles the stock market, Walmart (WMT) releases earnings and the international community braces for Jackson Hole.

Video Transcript

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on the morning.

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All we kick off the things you need to know by looking at the US Futures board. And they're suggesting that the tech sell off. Initially they were suggesting that the tech sell off could be easing after two a two-day sell off that's wiped off 2% of the Nasdaq, just to quickly mention as well that the dollar paired gains after rising to its highest level in two weeks and treasuries fell. The Nasdaq there sort of in the flat there. Okay, well, that tech sell off has come about as investors flocked to other sectors amid mounting fatigue with Big Tech over concerns on AI spending. Yesterday, some big tech names continue to come under intense selling pressure. Both Apple and Amazon were down around 2%, as you can see, Google parent Alphabet down around 1%, and even one of the biggest beneficiaries of the AI boom Palantir, it was also down around 1%. But consumer staples, healthcare, and utility stocks all climbed at the same time as investors rotated into so-called value sectors at the expense of these sexier tech names. Okay. The recent declines in big tech names comes amid warnings that the hype surrounding AI could be overdone. Moving on to the next thing you need to know about. And in the last few minutes we've just heard from Walmart, the market was looking for revenue to clock in at just a smidge over $176 billion. In fact, what we got was $177.4 billion. So a beat on revenues. But adjusted earnings per share came in at 68 cents. The markets were looking for 74 cents. So a miss here. We'll dive into more of these details later in the show. And finally, the last thing to know about is Jackson Hole. But even before central bankers descend on Wyoming, the Fed is hitting the headlines again with Fed Governor Lisa Cook saying she will not be bullied into resigning. Remember, President Trump has called on her to step down after one of his allies, Bill, Bill Pult, who heads the Federal Housing Finance Agency, urged the Attorney General to investigate Cook over a pair of mortgages.

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